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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4496
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Question please I have a client who is

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Question for BigDuckOnTax please
I have a client who is producing a film and is self employed. He has no paye scheme, but wants to invoice himself for time input. I believe there to be no point this as he will take the profits?Also, he has received funding from various sources- most of which was given and nothing wanted in return,Is this taxable?Thank you.
Submitted: 8 months ago.
Category: Finance
Expert:  Rakhi Vasavada replied 8 months ago.
Dear Friend,Hello and welcome. Thank you for providing an opportunity to assist you.Since he is a self trader and does not have any incorporated status, it will be no meaning if he invoices himself as he would take all of the profits and losses as the case may be. The receipts in his hand, as mentioned by you also do not remain taxable if I understand your situation correctly. I am sure this would help.You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of yourquestion.Warm Regards,
Customer: replied 8 months ago.
There was nothing given in return for the contribution - so I assumed it would be non taxable.
He has since incorporated and I know he can invoice the Ltd company from his sole trader status, but what would be the benefit in this please?
Expert:  Rakhi Vasavada replied 8 months ago.
Dear Friend,Hello and welcome again. Thanks for your follow up reply.Yes, with no return, it will not be taxable. Coming to the second point, the benefit for the company would be that if it makes profit, the company will be able to claim money paid out to your client as a legitimate business expenditure. From the clients point of view, he will get compensated for the time spent irrespective of the venture making money or not. So, it would serve purposes on both the sides. I am sure this would help.You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of yourquestion.Warm Regards,
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4496
Experience: Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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